DDM Analysis: BAC

Valuation Snapshot

Stable Growth	$91.78 - $249.50	$141.39
Multi-Stage	$62.94 - $68.74	$65.79
Blended Fair Value	$103.59
Current Price	$51.59
Upside	100.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.88%	15.21%	1.23	1.18	1.11	1.04	1.00	0.77	0.89	0.74	0.54	0.46
YoY Growth	-	-	4.58%	5.96%	6.47%	4.24%	30.22%	-13.94%	20.96%	35.91%	17.35%	54.99%
Dividend Yield	-	-	2.95%	3.14%	3.88%	2.53%	2.59%	3.62%	3.13%	2.46%	2.30%	3.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29,646.00
(-) Cash Dividends Paid (M)	9,478.00
(=) Cash Retained (M)	20,168.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,929.20	3,705.75	2,223.45
Cash Retained (M)	20,168.00	20,168.00	20,168.00
(-) Cash Required (M)	-5,929.20	-3,705.75	-2,223.45
(=) Excess Retained (M)	14,238.80	16,462.25	17,944.55
(/) Shares Outstanding (M)	7,723.30	7,723.30	7,723.30
(=) Excess Retained per Share	1.84	2.13	2.32
LTM Dividend per Share	1.23	1.23	1.23
(+) Excess Retained per Share	1.84	2.13	2.32
(=) Adjusted Dividend	3.07	3.36	3.55
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.78	$141.39	$249.50
Upside / Downside	77.90%	174.07%	383.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29,646.00	31,572.99	33,625.23	35,810.87	38,138.58	40,617.59	41,836.12
Payout Ratio	31.97%	43.58%	55.18%	66.79%	78.39%	90.00%	92.50%
Projected Dividends (M)	9,478.00	13,758.39	18,555.20	23,917.45	29,898.40	36,555.83	38,698.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12,500.44	12,618.92	12,737.41
Year 2 PV (M)	15,317.23	15,608.98	15,903.49
Year 3 PV (M)	17,938.54	18,453.49	18,978.21
Year 4 PV (M)	20,374.07	21,157.59	21,963.51
Year 5 PV (M)	22,633.08	23,726.27	24,861.30
PV of Terminal Value (M)	397,350.14	416,542.30	436,468.99
Equity Value (M)	486,113.50	508,107.57	530,912.90
Shares Outstanding (M)	7,723.30	7,723.30	7,723.30
Fair Value	$62.94	$65.79	$68.74
Upside / Downside	22.00%	27.52%	33.25%

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Bank of America Corporation (BAC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener